The Labor enquirer., 1887-07-30
of service, for ,uhich he has not yet been re-
n,unerdted :" and he quotes Bastiat's inter-

of service, for ,uhich he has not yet been re-
munerdted !" and he quotes Bastiat's inter
probation Of the inscription ON money
coin: "Render to the bearer in exchange
hereof services equivalent to those he has
rendered to society, the value of which
was measured by ninety-six grains Of
pure silver contained herein" Ne.e'
Now let us examine how far the theory
of the writer is in accord with the quota
tions from E. Peshine Smith and Bastiat,
which he submits in explanation Of his
definition of money, given at the begin
ningof this article, namely: "a quality
force or power, expressed or represented
on paper or metal the better to be recog-
nized or comprehended by the physical
senses" ,res
He says: Substitute real estate for
bond securities" and tissue tho money TO
anyone furnishing it (the security"
Ah--! Real estate has certain pecu-
liarity in common with gold against which
I notice that greenbackers generally pro-
test most vehemently and properly and
that is, that it is limited in quantity, 1t can
not be increased at wiu and it may be cor
nered By the wealthy. 1t is the same diff
Guilty which makes currency based upon
bonds Objectionable. True, it would
bring our national bankers off their high
horse, but it would place the landowners
on it and the people would only get out
of the frying pan into the fire. There
would certainly be neither scarcity nor
burdensome surplus for the landowners,
for them the volume of money would
regulate itself so that it would be neither
scarce nor abundant" and for them the
value would certainly remain uniform,
just as the writer thinks it would be desir-
able. But do landowners constitute the
people? take the liberty TO think that
they are class of people and as such are
no more entitled toact as quasi officials Of
the government in dealing out this "fber
of the social organization, "this proto-
plasm Of civilization" than are the ma
tionsl bankers as class.
Now the question arises. Does the land
owner, by giving his estate in pawn for
half its value or for all or any Of it, do
society servioes Manifestly not, he
promises to give up his control over por-
tion of the resources of life in case he
should neglect to return to the government
the r,oney which the government gave
him for use at sqcha "rate Of interest as
the average increase of production will
warrant, and sufficient to defray the ex-
penses of the bureau, and yield the gov
ernment revenue" Such money then,
is hardly an assurance to the public that
the holder has rendered service to the
public for which he is not yet remuner-
ated," but it is statement that the gov
ernment has entrusted 1t to some one for use
on pledge which seemed sufficient to the
government, but which may or may not
be good just as the ability to Judge of the
quality of the security on the part of the
official issuing the same may be sound or
unsound.
The writer also complains that the pres
ent system only permits those to avail
themselves of the cheap government
money who least need it. How would it
be under the al-estate-security systemf
The government could not take encum-
bered property as security, for that would
be but poor foundation for the currency
of nation. 1t must, according to the
writer, be valued at twice as much as the
sum of money loaned, hence only those
who are well-to-do and in easy circum-
| stances could get money from the govern
ment all others would have to get it
through the wealthy and unincumbered
landowners.
What grand and glorious millennium
we would have when our landlords would
of necessity become also our money lords,
yes, a millennium for the landlords.
For my part, don't think it would be any
more pleasant to pay usury to the land
owners than to the bankers, and q change
which brings no relief, is change not
worth having; the people have changed
task masters often enough; now, what is
wanted is change that will dispense with
the masters altogether. What sort of
change this must be will try to show.
A. G. GRAUL.
ITO be continued